There are more than 900 federal grant programs in existence in the U.S. today, offered by 26 federal grant-making agencies. Most students will receive some form of financial aid that must repaid, but federal grants do not have to be repaid.  There are two types of grand need-based, which is based on you and your family’s financial background and includes certain academic criteria, and merit-based, which is are based on achievements.  Merit based grants are often granted by companies and organizations.

Below are some grant available to you:

Pell Grant

Pell Grants are awarded to undergraduate students who have not earned a bachelor’s degree or a professional degree. In some cases, however, a student enrolled in a post-baccalaureate teacher certification program might receive a Pell Grant. Pell Grants represent a foundation of federal financial aid, to which aid from other federal and non federal sources might be added. The maximum Pell Grant award for the 2008-2009 award year, which begins July 1, 2008 and ends June 30, 2009 is $4,731. For the 2009-2010 award year, July 1, 2009 to June 30, 2010, the maximum award is $5,350.

Federal Supplemental Educational Opportunity (FSEOG) Grant

The FSEOG Program provides need-based grants to low-income undergraduate students to promote access to post secondary education. Students can receive these grants at any one of approximately 4,000 participating post secondary institutions. Financial need is determined by the U.S. Department of Education, using a standard formula, to determine the family’s Estimated Family Contribution (EFC). The EFC is the sum of: (1) a percentage of net income (remaining income after subtracting allowances for basic living expenses) and (2) a percentage of net assets (assets remaining after subtracting an asset protection allowance). The maximum Federal Supplemental Educational Opportunity Grant (FSEOG) available to eligible students is $4,000 per year. Awards may be granted in amounts ranging from $100 to $4,000.

National Science & Mathematics Access to Retain Talent Grant (SMART)

The SMART Grant awards student up to $4,000 for each of the third and fourth years of undergraduate study in the following areas of study: physical, life or computer sciences, mathematics, technology, engineering, or a foreign language determined critical to national security. In order to be eligible students must:

• Be a U.S. citizen
• Be Pell Grant-eligible during the same award year
• Be enrolled full-time
• Be in the third or fourth year of an undergraduate degree program at a four-year degree-granting institution
• Be pursuing a major in physical, life, or computer sciences, mathematics, technology, engineering or a critical foreign language
• Have at least a 3.0 GPA on a 4.0 scale as of the end of the second award year and continue to maintain a 3.0 GPA that must be checked prior to the beginning of each payment period (e.g., semester)

It is important to note that the amount of the SMART Grant, when combined with a Pell Grant, may not exceed the student’s cost of attendance.

Academic Competitiveness Grant (ACG)

The Academic Competitiveness Grant is new program that became available for the first time for the 2006-2007 school year. The ACG provides up to $750 for the first year of undergraduate study and up to $1,300 for the second year of undergraduate study. The ACG is in addition to the student’s Pell Grant award.

To be eligible for the Academic Competitiveness Award, students must:

• Be a U.S. citizen;
• Be a Federal Pell Grant recipient for the same award year;
• Be enrolled full-time in a degree program;
• Be enrolled in the first or second academic year of his or her program of study at a two-year or four-year degree-granting institution;
• Have completed a rigorous secondary school program of study (after January 1, 2006, if a first-year student, and after January 1, 2005, if a second-year student);
• If a first-year student, not have been previously enrolled in an undergraduate program; and
• If a second-year student, have at least a cumulative 3.0 grade point average (GPA) on a 4.0 scale for the first academic year.

Learn more about the finanical aid available to you at different colleges and universities.